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Barrick eyes Reko Diq production start by 2028

2nd August 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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The Reko Diq mine in Pakistan could be in production by 2028, Barrick Gold CEO Mark Bristow said on Tuesday.

The updated feasibility study on the giant copper/gold mine was making rapid progress, he said in a statement, issued following Pakistan’s first Minerals Summit.

The New Reko Diq agreement last year was a landmark event in the development of a mining industry in Pakistan, a process which will be accelerated by the Minerals Summit.

“I hope the momentum created by this event will be sustained by successive efforts to unlock this sector’s full potential and build its capacity by attracting other foreign investors to follow Barrick, to the lasting benefit of Pakistan and its people,” he said.

“There is a growing demand for metals and minerals, especially copper, and the challenge for mining companies and their host governments is to ensure that these resources are extracted in a responsible and equitable manner. Barrick believes in the principle of mutual advantage and shares the value its operations create with all stakeholders, including its host countries and communities.”

Bristow noted that Reko Diq was the latest manifestation of Barrick’s partnership model, already successfully applied elsewhere in its global portfolio.

Barrick owns 50% of Reko Diq and is developing and will operate the mine. The Balochistan province, which hosts the deposit, has a 25% share and the federal government holds the other 25% through State-owned entities.

Edited by Creamer Media Reporter

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